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MEMBER DIARY

Dead Man Walking

British Petroleum is toast. They are in the cross-hairs of the crypto-socialists running this regime and so might as well cash in the chips. The Asskicker-in-chief has made his pronouncement. BP will be ravaged and ripped to shreds by the governmental bureaucratic wolves and the last scraps on meat on the carcass will be picked from its bones by the trial lawyer vultures. There is no amount of restraint by business, the public, or the victims in the Gulf that can save them. Once this political monster singles out a victim, they are just waiting for Ole Sparky to get warmed up.

BP is a huge multinational oil conglomerate that has hundreds of billions in assets and generates tens of billions in profits. That may seem like a great deal of money, and in the eyes of this regime, it’s a bonanza. Even more, it is an inextinguishable amount of money to people who are completely clueless when it comes to business. The far-left wackos that run the day-to-day operations of this new and improved Washington don’t know the difference between sales and profits. They cannot distinguish between gross and net income. To them, if BP has sales in the hundreds of billions, there are hundreds of billions to siphon off and redistribute. It is this kind of thinking that leads to the next steps in the annihilation of the entity.

First, the Obama regime is stepping up demand that all BP’s money, we don’t know if that’s net or gross profit since most of them don’t fathom the difference, should be put into an escrow account that a third party payor will administer. Now, there is no discussion of a fixed amount being put into this account and no limits to the authority of the third party payor. In essence, this proposal is an open-ended robbery and payout that has not limit and no controls. No company can survive a total profit bleed like this and remain viable.

Second, soapbox politicians in Congress are calling for any and all dividends to be suspended and not paid to shareholders. If the company doesn’t pay dividends to the owners, who in their right mind will want to own the stock. It will collapse of under the weight of complete abandonment in the marketplace and become a decapitalized entity.

Next, there are calls by left-wing wingnuts like Rosie O’Donnell to ‘seize BP assets.’ Since Rosie couldn’t tell you the difference between an asset and a liability, we can’t be sure what she means. However, this regime follows the leader on these whack-job ideas. They are policy driven by the far-left kooks and will probably do something akin to this. A corporation without assets, owners, and profits, will necessarily dissolve into a puddle of mud.

Finally, the shear outrage of the American public, both left and populist, to punish such an evil wrongdoer, in Harry Reid’s words, will make the BP brand about as desirable as that of Olean, of the anal leakage fame. After the press finishes their hatchet job on the image, the company may as well flush their letterhead down the toilet.

All this is inevitable, given this regime and the political climate of our age. BP will go the way of the giant sloth, and it will just be a footnote in history. But, this episode will not be the last for corporate giants. This group of nutjobs will have eyes peeled for their next victim in the game of Whack-A-Capitalist. Corporate types should be careful. This scenario will be the plan for your company next, should you step into the crosshairs of this thugocracy. The template is being written, as we speak.